Quoin Pharmaceuticals (NASDAQ:QNRX) Stock Picked Up by Analysts at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group began coverage on shares of Quoin Pharmaceuticals (NASDAQ:QNRX) in a report issued on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $18.00 price target on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 345.54% from the stock’s current price.

QNRX has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a report on Friday. Lake Street Capital began coverage on shares of Quoin Pharmaceuticals in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price target for the company. Wall Street Zen upgraded shares of Quoin Pharmaceuticals to a “sell” rating in a research report on Saturday. Finally, BTIG Research started coverage on shares of Quoin Pharmaceuticals in a research report on Monday, October 12th. They set a “buy” rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Quoin Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.33.

Quoin Pharmaceuticals Trading Up 1.5%

Shares of NASDAQ QNRX opened at $4.04 on Monday. Quoin Pharmaceuticals has a one year low of $3.25 and a one year high of $23.50. The firm’s 50 day simple moving average is $5.65 and its two-hundred day simple moving average is $5.28.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($1.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.29). On average, equities analysts anticipate that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Denise Carter purchased 20,490 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were acquired at an average cost of $4.88 per share, with a total value of $99,991.20. Following the purchase, the chief operating officer directly owned 37,709 shares of the company’s stock, valued at approximately $184,019.92. This trade represents a 119.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sally Lawlor acquired 10,244 shares of the stock in a transaction on Monday, August 31st. The stock was bought at an average price of $4.88 per share, with a total value of $49,990.72. Following the transaction, the chief financial officer directly owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. The trade was a 2,328.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 57,370 shares of company stock valued at $279,966 over the last quarter. Company insiders own 7.54% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. increased its position in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 100,300 shares of the company’s stock after buying an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned 5.56% of Quoin Pharmaceuticals worth $662,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 8.63% of the company’s stock.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases with significant unmet medical needs. The company’s programs are primarily designed to address disorders affecting the skin and other tissues, with an emphasis on topical drug-delivery technologies.

Quoin’s lead product candidate, QRX003, is an investigational topical lotion being developed for Netherton syndrome, a rare genetic skin disorder associated with impaired skin barrier function and inflammation.